Venture Secondaries
topic on 2 shows · 5 statements across 2 episodes
5 statements about Venture Secondaries, every show
Selling Venture Secondaries Risks Forfeiting Late-Stage Fat-Tail Returns
“And so that is, that's the risk Of selling secondaries as a long-term venture investor is that you're going to have these crazy right-tail outcomes in the fund that could come to fruition at years eight, nine, 10, 1112, 13, that you're traditionally, even if I…”
Viswanathan: Venture secondaries market grew two orders of magnitude in 20 years
“If you fast forward 20 years, we spend a good chunk of our time focused in that market. It's changed in that it's probably two orders of magnitude larger in terms of market size.”
Early venture secondary LPs expected steep discounts for high-quality assets
“Two pushbacks from new LPs. One, this was such a foreign concept. They'd never seen such a big venture secondary that wasn't a closeout fund or something else. That was one. The second is they were trading in discounts that were far greater than the discount f…”
CEO and board alignment is the best hedge against secondary friction
“What we try to do really is make sure we have a really good relationship with the CEO. It's blessed by the CEO. It's blessed by the board. They see the value add capabilities. And that is the best hedge against any friction in us being able to transact.”
VC fundraising deadlines create a massive secondary market opportunity
“I would say that a real opportunity is just the explosion of venture firms realizing, okay, I have a fundraising calendar in 23 and 24. I need to do something about it, and that probably is the biggest opportunity, I would say, that's really emerged.”